Coty has bought OPI for US$1 billion. A couple of weeks back we reported that Coty was looking and now it’s a done deal.
Coty owns pharmacy nail care brands Rimmel London and Sally Hansen, but this purchase price, as reported by Bloomberg, will see Coty expand into the salon industry with over 200 fashion-forward lacquers.
"This acquisition will allow Coty to expand our presence in the nail care category via an important new channel of distribution: professional salons, and importantly will offer an even greater selection of products and choice to consumers," said Bernd Beetz, chief executive officer of Coty.
OPI is already in 70 markets worldwide and, according to Renato Semerari, president of Coty Beauty, "has the potential to have a very strong global brand." Semerari told WWD the salon channel would remain the "backbone of the brand.”
The local Australian market, which performs in the top 10 for the brand, won’t see any immediate changes. International Beauty Supplies will retain distribution rights for OPI for the next two years, and Mad Dog Marketing will stay onboard as the brand's PR company for the same period.
A week ago Coty announced its . Earlier this month the company agreed to purchase Dr. Scheller Cosmetics from Russia’s OAO Concern Kalina.